Longtime Costco chief executive Craig Jelinek will step down at the end of the year, the company said Wednesday.

He will be replaced by Ron Vachris, Costco’s president and chief operating officer.

During after-hours trading Wednesday, Costco’s stock remained relatively unchanged, indicating investors weren’t concerned.

The CEO of Costco is Jelinek, who has been with the company since 2012. His tenure at the company has resulted in a five-fold increase in stock prices.

There are 861 Costco warehouses around the world, including 591 in the United States. Behind Walmart and Amazon, the company is the third largest US retailer.

Costco had approximately 66 million paid members and 119 million cardholders in 2022, making it one of the world’s largest membership clubs. The cost of a regular membership at Costco is $60, or the cost of an executive membership is $120.

In spite of competitors such as Amazon and Sam’s Club raising their membership fees, the company has not raised its membership costs since 2017. It has been hinted that Costco may raise its membership fees in the near future.

In the midst of the pandemic, Costco’s business has boomed due to this membership model.

Costco can keep its prices low by using the fees to boost its profit and offset expenses. The retail industry is known for offering some of the lowest prices at Costco.